STX Ghana loses suit; fined ¢3,000 by court

Posted by on December 21, 2011 at 12:31 pm in Local News, Other Top Stories

From: Ghana|Myjoyonline.com|Nathan Gadugah

The Ghanaian representatives of the controversial STX housing project, JFK Airport has lost a suit filed against its Korean counterparts at the Commercial court in Accra.

It has been fined an amount ¢3,000 as cost to the defence.

The Korean counterparts rejected a settlement package proposed by JFK Airport to pave way for the commencement of the project.

Frustrated by the decision of the Koreans, JFK filed a suit at the Commercial Court requesting the court to declare the Korean counterparts as non shareholders in the STX Housing project.

It pleaded the court to invoke Company Code 217 against STX Korea on the basis that the Korean counterparts failed to meet the necessary investment obligations.

But the court ruled against JFK Airport which is led by BK Asamoah.

Joy News’ Sammy Darko who was present at the court hearing reported that the Judge dismissed the case on technical grounds.

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